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How can I ensure I have enough retirement income?

Having a source of regular income structured to meet your lifestyle and financial goals is a prerequisite to truly enjoying your retirement. We can offer the investment and planning expertise that's necessary to make that happen.

When you retire, you begin to tap into the wealth you've accumulated, but still need to maintain enough growth to remain financially secure. Creating a stream of income from your investments, balanced with company and government pensions and other income sources, can be a technical and tax-planning challenge.

And with medical and other advancements providing Canadians with increasingly longer lives, many of us will need an income stream that lasts for decades. We're also enjoying more comfortable lifestyles, so maintaining an equally comfortable retirement may require multiple income sources. Your BMO Nesbitt Burns Investment Advisor will work with you to structure and manage your investments so they provide the income and lifestyle you desire, for the rest of your retirement years.

Retirement income decisions

You have many choices to make when it's time to draw income from your RRSP and other retirement savings. For example, government regulations require you to convert your RRSP to an income option by the end of the year in which you turn 71, but terminating your RRSP earlier can sometimes make good financial sense.

Tax planning can also help your money go further. Your Investment Advisor will assist you in exploring tax-saving and tax-deferral possibilities such as splitting eligible pension income with your spouse.

Just as important, your Investment Advisor will show you how your investments can continue to work for you. You'll want the funds that remain in your RRIF or other investments to be safe, yet continue to generate investment returns. BMO Nesbitt Burns and BMO Financial Group offer a wide range of solutions especially suited for retired investors who are concerned about generating income and preserving capital.

Whether retirement income planning is an immediate concern or one for the future, a BMO Nesbitt Burns Investment Advisor can help. Contact a BMO Nesbitt Burns Investment Advisor at a branch near you. Or, to have an Investment Advisor contact you, fill out this form.

Advice in action: Sunil

Sunil is nearing retirement. He's worked hard all his life, first in a successful management career and later as a business owner. He has a small pension from his earlier working years but doesn't have much in his RRSP because he's been contributing instead to an Individual Pension Plan (IPP) he set up after incorporating his business.

Sunil is confident he has enough to enjoy a comfortable retirement. Sadly, Sunil's wife passed away a few years ago, and he has changed his idea of what do in retirement since then. But Sunil isn't sure when to retire, and how to structure his investments to provide a regular income that will meet his financial needs. Sunil also wants to tap assets outside of his IPP to help fund his retirement.

A BMO Nesbitt Burns Investment Advisor can help Sunil decide when it makes sense to retire, and help him map out a strategy that will provide him with the income he'll need. An Investment Advisor can review Sunil's finances and explore a tax-effective way for Sunil to use his employer pension, IPP and annuities to create a steady income stream in retirement. An Investment Advisor will also help Sunil decide when it makes sense to start using savings and non-RRSP assets for income. While Sunil continues to work, an Investment Advisor can show him how to orient his investments toward retirement security.

Use our Retirement Savings Calculator to determine how much money you will need to fund your retirement.

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